Cooke Real Estate School

Buyers will be pinched by the new FHA rules - Mar 11, 2010      Archive

FHA’s tightened lending requirements, announced late January, are designed to shore up the FHA’s capital reserves and help the agency do a better job of managing risk.

FHA is raising its up front mortgage insurance premium to 2.25 percent from 1.75 percent, boosting the minimum down payment to 10 percent for borrowers with a credit score of 580 and below (it stays at 3.5 percent for everyone else), and reducing permissible sellers concessions from 6 percent to 3 percent.

Reducing seller’s concessions will hurt because these funds typically help buyers take care of closing costs like title insurance and mortgage origination fee. As a result, buyers might have to come up to another 1 percent of the mortgage amount.

The FHA is also seeking to legislation to raise the annual mortgage insurance premium to a level above the current cap of .55 percent.

Information obtain from the REALTOR Magazine - March Edition

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It is easy to see why so many states list Cooke Real Estate School as an approved distance education provider for real estate training. I was a bit concerned that the materials, pacing and instructor would fall far short compared to a classroom course. I was also concerned that once in receipt of my fees, the School would fail to respond to any issues I might have.

I am happy to say that I was wrong on all counts. The material is well-organized, with the objectives and associated vocabulary clearly presented at the beginning of the session. The quizzes, both the short and long versions, provide an excellent means of reinforcement and review. The instructors present the same slides, but the personal asides are memorable and helpful. Being able to go back over any lecture more than once is another benefit of the online vs. classroom experience. The main textbook provided is a great outline for study as well. Links to online resources are provided with almost all sessions. Instructors answer questions sent to them very quickly, another completely unexpected benefit.

As an educator myself, I know how difficult it can be to put material together in a cohesive way, especially with widely diverse student backgrounds and experience to consider. I saved time, money and frustration utilizing the Cooke Real Estate School, and I hope to pass the state exam in another couple of months, which puts me far ahead of schedule versus the classroom course.

Thank you to everyone for making the whole process painless and interesting.

Susan C
West Virginia

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